1. A farmer enters into a short corn futures contract at a price of $2.80 per bushel. The spot price of corn drops to $2.65 when the contract expires. The farmer harvested 13,000 bushels of corn and had futures contracts on only 10,000 bushels of corn.
   1. The farmer is obligated to ___ (receive/deliver) the corn when the contract expires.
   2. What is the farmers total net proceeds if he sold all his corn harvest at the contracts expiration?